Corning Housing Market Information

With 3,162 people, 1,548 houses or apartments, and a median cost of homes of $57,324, house prices in Corning are some of the most affordable in Arkansas as well as the nation.

Single-family detached homes are the single most common housing type in Corning, accounting for 78.58% of the city's housing units. Other types of housing that are prevalent in Corning include large apartment complexes or high rise apartments ( 8.91%), duplexes, homes converted to apartments or other small apartment buildings ( 6.55%), and a few mobile homes or trailers ( 4.24%).

The most prevalent building size and type in Corning are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.53% owning and 41.47% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Corning's housing was primarily built during this period, from the '40s through the '60s. A full 46.16% of the city's housing hails from this era. Other housing ages represented in Corning include homes built between 1970-1999 ( 44.55%) and housing constructed between 2000 and later ( 5.26%). There's also some housing in Corning built before 1939 ( 4.03%).

Vacant housing appears to be an issue in Corning. Fully 16.91% of the housing stock is classified as vacant. Left unchecked, vacant Corning homes and apartments can be a drag on the real estate market, holding Corning real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Corning Home Appreciation Rates

Real estate appreciation rates in Corning's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.25% during the period.

Over the last year, Corning appreciation rates have trailed the rest of the nation. In the last twelve months, Corning's appreciation rate has been 1.69%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Corning were at 0.58%, which equates to an annual appreciation rate of 2.33%.

Relative to Arkansas, our data show that Corning's latest annual appreciation rate is lower than 60% of the other cities and towns in Arkansas.

Average Home Values

Median Home Value:
$57,324

Corning, AR HOME PRICES

Value Range

> $1,030,000

0.0

$773,001 - $1,030,000

0.0

$515,001 - $773,000

0.8

$412,001 - $515,000

1.3

$309,001 - $412,000

3.0

$206,001 - $309,000

4.7

$103,001 - $206,000

9.1

$51,001 - $103,000

29.8

$0 - $51,000

51.3

Very Low for AR
Very Low for Nation

Value
Relative to Nation

Value
Relative to State

98.571344926518

92.9577464788732

Number Of Homes And Apartments:
1,548

Corning Appreciation Rates

Appreciation Rates

NeighborhoodScout's® Exclusive Home Appreciation Rates

NeighborhoodScout reveals the home appreciation rates for every city, town,
and even most neighborhoods in America.

NeighborhoodScout has calculated and provides home appreciation rates as a
percentage change in the resale value of existing homes in that city, town
or neighborhood over the latest quarter, the last year, 2-years, 5-years,
10-years, and even from 2000 to present. We show both the cumulative
appreciation rate, and the average annual appreciation rate for each time
period (e.g., last 5-years: 84% total appreciation, Avg. per year: 16.8%).
We also show how each city, town or neighborhood's appreciation rate compares
to other cities, towns and neighborhoods in the nation, and within the same
state (e.g., 9 relative to the nation, 5 relative to California [10 is highest]).
This makes comparisons of house appreciation rates equally easy for professional
investors and individual homebuyers. In this example, the neighborhood is
one of the highest appreciating in the nation over the last 5-years, but is
only average in appreciation for the same period relative to other neighborhoods
in the state of California.

About the appreciation rate data

Our data are designed to capture changes in the value of single-family homes
at the city, town and even the neighborhood level. Different neighborhoods
within a city or town can have drastically different home appreciation rates.
NeighborhoodScout vividly reveals such differences. Our data are built upon
median house values in each neighborhood, and combine data from the United
States Bureau of the Census with quarterly house resale data. The data
reflect appreciation rates for the neighborhood overall, not necessarily
each individual house in the neighborhood.

Our data are calculated and updated every three months for each neighborhood,
city and town, approximately two months after the end of the previous quarter.
Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage
transactions to the FHFA. These data are combined with the data of the
previous 29 years to establish price differentials on properties where more
than one mortgage transaction has occurred. The data are merged with
neighborhood-specific median house values from the Census Bureau using
NeighborhoodScout's proprietary algorithms developed by Dr. Schiller,
creating an updated historical database that is then used to estimate the
appreciation rates for each city, town and neighborhood within each time
period. These resultant neighborhood appreciation rates are a broad measure
of the movement of single-family house prices. The appreciation rates serve
as an accurate indicator of house price trends at the neighborhood level.

How is the home appreciation data calculated?

Neighborhood appreciation rates from NeighborhoodScout are based on both
median house value data reported by respondents via the U.S. Bureau of the
Census, and a weighted repeat sales index, meaning that they measure average
price changes in repeat sales or refinancings on the same properties. This
information is obtained by reviewing repeat mortgage transactions on
single-family properties whose mortgages have been purchased or securitized
by Fannie Mae or Freddie Mac (by the FHFA). Then proprietary algorithms
developed by Dr. Schiller, NeighborhoodScout's founder, are applied
to produce neighborhood appreciation rates. Appreciation rates are updated
by NeighborhoodScout each quarter as additional mortgages are purchased or
securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions
are used to identify repeat transactions for the most recent quarter, then
are fed into NeighborhoodScout's search algorithms.

What transactions are covered in the appreciation rate data?

Neighborhood appreciation rate data are based on transactions involving
conforming, conventional mortgages. Only mortgage transactions on single-family
properties are included. Conforming refers to a mortgage that both meets
the underwriting guidelines of Fannie Mae or Freddie Mac and that doesn't
exceed the conforming loan limit, a figure linked to an index published by
the Federal Housing Finance Board. Conventional means that the mortgages
are neither insured nor guaranteed by the FHA, VA, or other federal government
entity.

Mortgages on properties financed by government-insured loans, such as FHA
or VA mortgages, are excluded, as are properties with mortgages whose principal
amount exceeds the conforming loan limit. Mortgage transactions on condominiums
or multi-unit properties are also excluded. As such, NeighborhoodScout does
not produce appreciation rates for neighborhoods that consist solely of
renters or have no single-family homes (dwellings without an entrance directly
to the outside).